🏛️ The Peoples Exchange

Felix has released a detailed breakdown of the kHYPE leveraged staking loop on HyperEVM, showing current returns across different risk profiles. **Current Economics:** - kHYPE yield: 1.94% APY (14-day average) - HYPE borrow cost: 0.84% - Net carry: +1.10% per unit of leverage - Formula: Net APY = leverage × kHYPE yield - (leverage - 1) × HYPE borrow rate **Key Risk Factors:** 1. **Rate inversion** - If borrow rates exceed staking yield, loan-to-value ratios drift upward. Even at a sustained 10% HYPE borrow rate, reaching the 86% liquidation threshold from 75% LTV would take approximately 1.7 years. 2. **Exit liquidity** - Unwinding positions requires either selling kHYPE at market price or waiting through an 8-9 day unstaking period. **Oracle Protection:** Felix prices kHYPE at redemption rate rather than market price. During September 2025, kHYPE traded as low as 0.88 on secondary markets while Felix's oracle remained stable, protecting borrowers' health factors but not exit prices. Users can access the strategy at [usefelix.xyz](http://usefelix.xyz/vanilla/borrow).

Felix has introduced **fully on-chain Dollar-Cost Averaging (DCA) orders** for spot equity trading, starting with SpaceX (SPCX). **Key Features:** - Trade spot equities using automated DCA strategies - Fully on-chain execution for SPCX - Available through Felix's trading platform This builds on Felix's previous launch of spot SpaceX trading in mid-June, now adding automated recurring purchase functionality. Users can access the feature at [trade.usefelix.xyz/equities/SPCX](https://trade.usefelix.xyz/equities/SPCX).

Felix has relaunched **USDH incentives**, now targeting borrowers rather than lenders. **Key Details:** - Incentives available for USDH borrowed against **kHYPE, HYPE, and UBTC** collateral - All three assets offer **77% maximum loan-to-value (LTV)** ratios - Designed to reduce borrowing costs for traders using USDH in HIP-3 markets **Context:** This marks a shift from December's strategy, which focused on lending incentives and saw USDH Flagship vault reach $14.6m in deposits. The new approach aims to support traders holding spot assets who want to borrow USDH for trading. Borrow USDH at [Felix](https://www.usefelix.xyz/vanilla/borrow). Updates will be shared in the Felix Discord.

Felix is integrating with Ondo Global Markets to offer onchain spot equity trading. The platform will launch with access to **100+ US stocks** through trade.usefelix.xyz, expanding to 1,000+ equities in coming months. **Key features:** - Trade spot equities onchain with traditional finance-level liquidity - 24/5 trading availability - Multi-million dollar order execution from day one - Future ability to borrow against spot equity holdings Unlike previous onchain equity products limited by AMM liquidity constraints, Felix's implementation with Ondo provides institutional-grade execution. Ondo Global Markets maintains publicly audited holdings demonstrating overcollateralization, daily attestations, bankruptcy-remote legal structure, insurance fund, and multiple smart contract audits. The partnership builds on Ondo's existing infrastructure for tokenized stocks and ETFs, which uses Chainlink as its oracle platform for price data.

**GOLD-USDH perpetual futures** are now live on Hyperliquid, deployed by the Felix team through HIP-3. **Key Features:** - **20x maximum leverage** (higher than PAXG-USDC) - **$2M USD open interest cap** initially - **Lower fees** due to USDH discounts - **Improved pricing** sourced from deeper off-chain liquidity venues The market follows standardized commodity perps with on-hours and off-hours pricing. This offers better hedging access for market makers compared to relying solely on spot PAXG pricing. [Trade GOLD-USDH](https://trade.usefelix.xyz/flx:GOLD) | [View Documentation](http://usefelix.gitbook.io/perps)